H. DEPARTMENT OF THE TREASURY, DIVISION OF INVESTMENT

1. There shall be established the title Senior Portfolio Manager Stocks and Bonds (52556 V97 NL12) to classify certain employees within the Division of Investment, Department of the Treasury.

2. Effective July 7, 2007, employees in the title Senior Portfolio Manager Stocks and Bonds (52556) of the Division of Investment will be compensated within the salary range for this title established by the Chair/Chief Executive Officer, Civil Service Commission. This salary range shall be established every fiscal year.

3. There shall be 10 equal intervals within the salary range for the title.

4. Incumbents in the title Senior Portfolio Manager Stocks and Bonds, as of the effective date of this regulation, will be initially placed into the new salary range at an interval to be determined by the appointing authority and the Chair/Chief Executive Officer, Civil Service Commission; however, no employee shall suffer a reduction in salary as a result of this placement.

5. New employees may be appointed to the title Senior Portfolio Manager Stocks and Bonds up to and including the tenth interval of the special salary range without obtaining prior approval from the Chair/Chief Executive Officer, Civil Service Commission and the Director, Office of Management and Budget.

6. Employees promoted to this title from a title with a lower salary range shall be placed on an interval in the special salary range of the new title in accordance with normal promotional calculations. That is, a promotional increment is granted in the lower class code and the new salary is equalized into the special salary range.

7. Movement within the designated salary range will be based on anniversary dates. That is, upon reaching each anniversary date, employees shall be advanced to the next higher interval value until arriving at the range maximum.

8. The salary range will be reassessed every two years by the Civil Service Commission based upon market data, and the market relevant minimum and maximum shall be adjusted as necessary. In no case shall the salary minimum and maximum be less than the value determined by the previous evaluation. If the special salary range is upwardly adjusted, employees will then receive an interval to interval increase. Those in between intervals will receive an increase equal to an interval, but the new salary shall not exceed the maximum of the special salary range. Employees then at the maximum of their range shall receive an increase equal to either the amount required to reach the new maximum, or one interval, whichever is the lesser. Employee salaries will not be changed by a downward adjustment of the special salary ranges.

9. An employee shall not receive a base salary below the minimum nor a base salary above the maximum indicated above unless authorized by the Chair/Chief Executive Officer, Civil Service Commission, and the Director, Office of Management and Budget.

10. The Department of the Treasury may adjust the salary of an employee serving in this title provided the employee has a substantiated bona fide offer of employment from another employer, at a salary which exceeds the present salary of the employee, and whose loss to the State will be detrimental. This salary adjustment may also apply to managers of those who supervise portfolio management functions. Only one such increase may occur in an 18 month period, and may not exceed two intervals in the salary range to which the employee’s title is assigned. An employee who is at the maximum of his/her salary range can only receive such increases as lump sum payments, not added to base salary.

11. Increases shall be implemented through the submission of individual electronic personnel transactions citing this Salary Regulation.

12. Any adjustment to salary outside the terms of this salary regulation shall require the submission of a DPF-77, with appropriate justification and documentation, and shall be subject to review and approval by the Chair/Chief Executive Officer, Civil Service Commission and the Director, Office of Management and Budget.

13. This salary regulation must be renewed annually, in conjunction with issuance of the State Compensation Compendium.